Word: oilmen
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When OPEC members agreed last November to limit the group's oil production to 18.5 million bbl. per day in hopes of boosting prices, veteran oilmen were skeptical. Previous all-for-one pacts had crumbled when members secretly exceeded their quotas. This time producers are still cheating, but considerably less than most experts had expected. Oil-industry analysts estimate that OPEC is producing just 1 million bbl. per day more than the quota. As a result, OPEC's relative restraint is sparking a rally in the oil markets. The price of West Texas intermediate, a benchmark crude, reached...
...treated equally. But then Bush never believed the free-market gospel that tax preferences distort the economy; one of the few times the Vice President took an activist role in the White House was to preserve oil-industry write-offs in the 1985 reform bill. And Bush promises oilmen new tax breaks if elected...
...sure, there are similarities. Both men have been accused of using their office to benefit friends and acquaintances: Meese's former personal lawyer E. Robert Wallach and, in Wright's case, oilmen and investors in the Speaker's home state of Texas. And though the personalities of the genial California-bred Attorney General and the peppery Texas Speaker differ, they are alike in one way. Says Ted Van Dyk, a Washington lobbyist who knows the two: "Both apparently wear blinders" that prevent them from seeing appearances of impropriety in their actions...
After reading your editorial about George Bush's attempts to negotiate oil price stabilization, I was dismayed by your willingness to dismiss the oil crisis as a problem only of the "fatcat oilmen who have soaked it in for 10 years of high oil prices." Apparently, your editorial writers have watched one too many episodes of "Dallas...
What's so ironic is how quick the Vice President and other live-free-market-or-die types are quick to scuttle survival of the fittest when people they know best end up losers. But let us shed no tears for the oilmen, they've soaked it in for too long. Listen, fellas, we're not going to change the rules 'cause the going got tough...